FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 27/2/2019 - Losses extended but watch out for potential RSI oversold technical rebound

InvestorsDoctor
Publish date: Wed, 27 Feb 2019, 11:34 AM
InvestorsDoctor
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27/2/2019

*FCPO May 19*

Previous Close: 2183 -30

FCPO dropped over 1% as pressured by weaker related edible oil prices and a forecast that Feb palm output will be higher than usual. Dalian palm olein continue to drop this morning, FCPO may test support 1st.

Hourly chart formed more lower highs & lows, signaled more potential correction ahead, but watch out as the price now approaching RSI oversold.

*Classic Support & Resistance*
Resistance: 2232 2278
Support: 2134 2093

*Recommend Trading Plan for the day:*
1. Sell 2165, stop 2174, profit 2156/2147/2138.
2. Buy 2187 for technical rebound, stop 2180, profit 2194/2201/2208.

*FCPO Margin Requirement*
Overnight MYR 4000
Spread MYR 1200

Disclaimer: Idea sharing only, trade at your own risk.

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